Key Highlights
The ETH/USD pair recovered well, but struggling to go through the $175-180 resistance.
On the downside, there is a decent support forming near $160.
ETH/BTC remains elevated with chances of a break above the 0.080BTC resistance.

Technically, the hourly chart indicators are slowly moving higher in the bullish territory.

Ether Price to Consolidate Short-term?

The ETH/USD pair bounced back after plummeting by the end of last week towards $110-115, and currently trading above the $150-160 support area.

Ether Price Technical Analysis Chart

Further recoveries seem likely, but as mentioned in the weekly analysis, the pair faces a crucial challenge near $175-180. The stated resistance zone was already tested once recently, but thin trading prevented a break above $180.

The price moved lower and tested the 23.6% Fibonacci retracement level of the last wave from the $115 low to $178 high. In the short term, the $160 support area may continue to prevent downsides.

There is a bullish trend line with support at $165 forming on the hourly chart. On the flip side, there is a connecting bearish trend line with resistance at $170.

We can consider the current technical structure as a short-term breakout pattern. A break below the trend line support might call for a test of $160, and if buyers clear the $170 resistance, there can be a test of $180.

Ethereum ETH USD Forecast

If the market try to retest $160, then it may act as a strong support for a subsequent bounce. Below $160, the next important support is at $145-143.

On the upside, the 4-hour chart clearly points the significance of the $175-180 resistance, and it may continue to prevent further gains.

Should there be a break above $180, the market may attempt to test sellers at $200. With the ongoing ETH/USD recovery looking so far positive, the risk is still towards the upside. Thus, pullbacks towards $160 or $145 remain supported in the near term.

Important Resistance Levels

$175.00 and $180.00

Important Support Levels

$160.00 and $145.00

Hourly RSI

The RSI is above 50 and has managed to correct extreme oversold readings.

Hourly MACD

The MACD suggests increasing buying interest around the pair.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Ether Consolidating Losses
05-30-2017 ETH/USD Forecast: About to Explode?
05-29-2017 ETH/USD Forecast: Recovery Capped By $180
05-28-2017 ETH/USD Weekly Forecast: Bounce or Bottom?
   

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